A works contract primarily involves the supply of ___ during its execution.

Services

True or False: Under GST laws, works contracts include both movable and immovable property.

False. Under GST laws, works contracts are restricted to immovable property.

Fill in the blank: According to the CGST Act, 2017, works contracts are classified as a supply of ___.

Services

What is the significance of the term 'composite supply' in the context of works contracts?

It indicates that a works contract involves both the provision of services and the supply of goods, with services being the primary component.

True or False: A contract for annual maintenance of equipment is categorized under works contracts for immovable property.

False. This contract would pertain to movable property.

Fill in the blank: In the context of a works contract, the primary focus is on the ___ component.

Service

What differentiates works contracts under GST from previous VAT and Service Tax provisions?

The definition has been narrowed to include only work for immovable property, excluding movable property.

Fill in the blank: Works contracts can pertain to both ___ and ___ property.

Immovable, movable

The place of supply for works contracts under GST is determined by the location of the ___ involved in the contract.

Immovable property

True or False: If both the supplier and recipient of a works contract are located in India, the place of supply is determined by the location of the supplier.

False. The place of supply is determined by the location of the immovable property.

Fill in the blank: Under GST, a works contract is classified as a supply of ___ .

Services

What is the main aim of GST in relation to the taxation of works contracts?

To simplify the taxation by treating works contracts as a supply of services and establishing a uniform tax rate across India.

True or False: GST allows both Central and State Governments to impose taxes on different components of works contracts.

False. GST aims to streamline this by defining a uniform tax treatment under a single framework.

If the immovable property involved in a works contract is outside India, where is the place of supply located?

At the location of the recipient, if both the supplier and recipient are in India.

Fill in the blank: If either the supplier or recipient is located outside India, the place of supply is where the immovable property is located or intended to be ___.

Located

What challenges did GST address regarding the tax treatment of works contracts?

It addressed the challenges of dual taxation by Central and State Governments on different components of the contract.

The Goods and Services Tax (GST) Council was constituted on ___ and is chaired by the ___ Minister.

15th September 2016; Union Finance

True or False: The GST Council's decisions require a simple majority of votes to pass.

False; The decisions require a three-fourths majority of the weighted votes.

What is the weightage of votes between the Centre and the States in the GST Council?

The Centre has one-third weightage, while the States together have two-thirds weightage.

Fill in the blank: The Vice Chairperson of the GST Council is chosen from the ___ Ministers.

State

What is the quorum required for meetings of the GST Council?

50% of total members

True or False: The GST Council makes recommendations only on tax rates.

False; The GST Council makes recommendations on tax rates, exemptions, threshold limits, and other important GST-related issues.

The GST Council is a joint forum of the ___ and ___ governments.

Centre; States

What article of the Constitution empowers the formation of the GST Council?

Article 279A

Fill in the blank: Decisions in the GST Council are made by a majority of ___ of the weighted votes.

Three-fourths